Business - The Korea Times

Savings banks, capital firms join fray to court foreign residents

Financial services for foreign residents in Korea, once dominated by banks, insurers and card companies, are now expanding into a wider range of financial institutions, including savings banks and capital firms eager to tap into new growth opportunities, industry officials said Tuesday. As of 2024, Korea is home to about 2.65 million foreign residents. With their spending on the rise and demand for better financial services increasing, financial institutions are stepping up efforts to attract this market with tailored products and services. However, amid growing concern over delinquency rates, savings banks and capital firms are focusing primarily on clients who can provide solid collateral or verifiable income. JB Woori Capital has expanded the range of foreign residents eligible for its used car installment and auto-backed loan products. Previously limited to F-series visas, which primarily cover overseas Koreans and marriage migrants, the offers now include H2 visas for work and visits, E7 visas for specific activities and E9 visas for nonprofessional employment. The company has also i

Sep 16, 2025By Jun Ji-hye

Savings banks, capital firms join fray to court foreign residents

Korea-Japan stablecoin remittance trial succesfully concludes 1st phase

Korean participants in Project Pax said Tuesday that they had successfully completed the first phase of technical verification for a cross-border stablecoin remittance initiative between Korea and Japan. On the Korean side, participants included major banks such as Shinhan Bank, Kbank and NH NongHyup Bank, alongside Web3 companies including Fair Square Lab and Korea Digital Asset Custody. The Japanese side was represented by Shoko Chukin Bank and fintech firms such as Progmat and Datachain. The organizations held a project completion briefing in Tokyo on Sept. 10 to share the outcomes of the initiative. The verification process involved converting Korean won into a Korean won-pegged stablecoin domestically, transferring it via blockchain infrastructure, and then converting it into Japanese yen upon arrival. The stablecoin was applied only to the cross-border segment of the remittance, while the existing domestic banking network was retained. Kbank reported that the stablecoin-based transactions were processed faster and at a lower cost compared to traditional international remittance sys

Sep 16, 2025By Lee Yeon-woo

Korea-Japan stablecoin remittance trial succesfully concludes 1st phase

Hana Bank supports small exporters struggling with US tariffs

Hana Bank has launched a preemptive financial assistance package for small and medium-sized companies heavily dependent on the U.S. market to address the impacts of tariffs, the lender said Tuesday. The move comes as concerns grow over falling export volumes, tightened liquidity conditions and weakening credit profiles within Korea’s industrial base — especially in the automotive and manufacturing sectors. U.S. tariffs are expected to hit Korean businesses hard, since the world’s largest economy remains Korea’s second-biggest export destination, amplifying spillovers from trade uncertainties into employment, supply chains and investments. According to the company, CEO Lee Ho-seoung held a meeting with a group of CEOs from 10 export-reliant firms in Siheung, Gyeonggi Province. The province is where large industrial complexes are based, with many of their businesses tied to U.S. exports. The participants voiced concerns about potential credit downgrades, lowered loan limits and surging borrowing costs amid a bleak business outlook. Hana said it would ease credit evaluation criteria,

Sep 16, 2025By Lee Kyung-min

Hana Bank supports small exporters struggling with US tariffs

Korea's main bourse operator opens New York office

The Korea Exchange (KRX), South Korea's main bourse operator, said Monday it has opened an office in New York, as part of efforts to strengthen its presence in the North America region. An opening ceremony for the KRX office in the Manhattan borough will be held on Monday (local time), with the head of the Securities Industry and Financial Markets Association and officials from global financial institutions in attendance. The office aims to strengthen marketing and networking with institutional investors, brokerages and global financial institutions located in the city, the KRX added. "We plan to provide information necessary for investors in the North America area promptly, while listening to various voices on the scene and implementing them in the local market," the KRX's Chief Executive Officer Jeong Eun-bo said. Following the opening of the New York office, the KRX now holds offices in the world's four central financial hotspots, including Singapore, Beijing and London. Meanwhile, Jeong is set to sign a memorandum of understanding with Xpansive Ltd., a California-based carbon credit b

Sep 15, 2025By Yonhap

Korea's main bourse operator opens New York office

Real estate companies seek funding from foreign private lenders as banks tighten loan standards

Real estate companies in Korea are increasingly seeking financing from global asset managers and alternative lenders as domestic banks scale back lending to riskier businesses to beef up their financial soundness, industry officials said Friday. "The current market dislocation, marked by high levels of domestic corporate debts, challenges facing local lenders and subdued real estate sentiment, has opened a strategic window for foreign private credit investors," said Matthew Sohn, CEO of CapitaLand Investment Korea. Private credit is a lending structure involving privately negotiated loans between borrowers and non-bank lenders. It offers faster execution and more flexible terms than traditional bank financing. "In addition to development funding, investors are drawn to other credit tools such as loan refinancing and capital structure optimization," Sohn added. The shift comes as Korea’s real estate market continues to falter. Weak buyer demand, a glut of unsold apartment units and surging construction costs have deepened the slump. While Korean banks have historically dominated corporat

Sep 13, 2025By Lee Yeon-woo

Real estate companies seek funding from foreign private lenders as banks tighten loan standards

Lithuanian delegation courts Toss Bank for EU entry

A Lithuanian economic delegation highlighted the potential for Toss Bank to expand into Europe via Lithuania, committing to a favorable regulatory environment and active support for attracting investment, the internet-only bank said Friday. According to Toss Bank, Marius Skuodis, a board member of the Bank of Lithuania, along with representatives from Invest Lithuania and the Lithuanian Embassy in Korea, visited its headquarters in Seoul Thursday. The visit marked the third consecutive year of such meetings, following their initial engagement in November 2023. The delegation praised Toss Bank for its innovation, commitment to inclusive finance and its achievement of turning a profit just three years after its launch. They also highlighted Lithuania’s potential as a strategic base for Toss Bank’s expansion into Europe. "Europe is home to 500 million potential customers, with diverse market players driving innovation," Skuodis said. "Lithuania is one of Europe’s leading countries in digital finance and fintech. We hope Toss Bank will join us as an innovative partner, and we will spar

Sep 12, 2025By Lee Yeon-woo

Lithuanian delegation courts Toss Bank for EU entry

Vietnam's top prosecutors visit Toss Bank to study cybersecurity, digital innovation

Toss Bank said Thursday that the Supreme People's Procuracy of Vietnam visited its headquarters in Seoul to learn about the internet-only bank's experience in cybersecurity and digital innovation. At a meeting held Wednesday, Toss Bank CEO Rhee Eun-mi and Chief Information Security Officer Lee Jeong-ha shared the bank's success and operational procedures with the Vietnamese delegation, led by Hoang Minh Tien, director general of the department of criminal justice statistics and digital transformation. The two sides held in-depth discussions on Vietnam's challenges in digital transformation, technical strategies for combating cybercrime and measures to strengthen the security of data-driven case management systems. Vietnam is currently pursuing a nationwide digital transformation, and as part of these efforts, it is working to establish a digital prosecution office. The visit was organized under the auspices of the United Nations Office on Drugs and Crime. "It's remarkable that Toss Bank turned a profit within three years while actively pursuing inclusive finance," Hoang said. "Vietnam ha

Sep 11, 2025By Lee Yeon-woo

Vietnam's top prosecutors visit Toss Bank to study cybersecurity, digital innovation

Hanwha Life unveils AI strategy, new services at AI DAYS 2025

Hanwha Life Insurance outlined its artificial intelligence (AI) vision and strategic road map for driving innovation and growth at its internal event, AI DAYS 2025 (Shaping the Future with AI & LIFEPLUS), the company said Thursday. Held at the company’s Seoul headquarters on Wednesday, the event brought together co-CEOs Kwon Hyeuk-woong and Lee Kyung-keun, along with employees, as the insurer shared its AI achievements and future plans. The company presented three strategic priorities to advance AI innovation during the event: innovating AI services centered on core insurance operations; creating services that deliver value to customers beyond finance into everyday life; and reinforcing financial AI leadership by enhancing employees’ AI knowledge and application skills. In particular, the company emphasized how AI services have been applied in core insurance operations to improve operational efficiency and customer experience. Examples include the AI Contact Center, which was launched earlier this year for real-time customer support and consultation, and AI STS, an intelligent sales

Sep 11, 2025By Jun Ji-hye

Hanwha Life unveils AI strategy, new services at AI DAYS 2025

Mirae Asset surpasses $721 bil. AUM, cements position as global investment leader

Mirae Asset Financial Group has surpassed 1,000 trillion won ($721.18 billion) in assets under management (AUM), marking a major milestone in its nearly 30-year journey from a 10-billion-won startup to Korea’s leading global financial company. The Seoul-headquartered firm reported 1,024 trillion won in AUM — the total market value of assets it manages on behalf of clients — based on its latest performance as of July. This achievement reflects the group’s rapid growth since founder and Global Strategy Officer (GSO) Park Hyeon-joo established Mirae Asset Capital in July 1997 with just over 10 billion won, laying the foundation for a broad network of affiliates across securities, asset management, investment banking, insurance, consulting and more. Groupwide AUM has been rising rapidly, reaching 1,000 trillion won in less than a year after standing at 906.6 trillion won in December 2024. The group operates across 19 locations worldwide, including Hong Kong, where Mirae Asset Global Investments became the first Korean asset management company to establish an overseas presence in 2003

Sep 11, 2025By Yi Whan-woo

Mirae Asset surpasses $721 bil. AUM, cements position as global investment leader

KB Financial Group runs mobile training lab to ease digital divide, prevent voice phishing

KB Financial Group partnered with the Ministry of Agriculture, Food and Rural Affairs to launch a mobile voice phishing prevention program to raise awareness of financial fraud among the elderly, the group announced Wednesday. The initiative is part of the group's broader efforts to bridge the digital and financial literacy gap in remote rural areas where internet access and digital awareness remain limited. KB will operate a food truck that serves as a mobile hub for anti-voice phishing education. The vehicle will travel to rural regions across the country, including Jinan, North Jeolla Province; Gumi, North Gyeongsang Province; Damyang, South Jeolla Province; Asan, South Chungcheong Province; and Yeoju, Gyeonggi Province. University student volunteers trained in anti-scam education through a ministry-supervised program will give information sessions using content developed by KB Financial. The sessions will cover how to detect common fraud tactics, including phishing texts with malicious links that compromise personal data and passwords when clicked. The training will also address fake r

Sep 10, 2025By Lee Kyung-min

Banking & Finance